ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Process transactions

1.1 Receive and respond to client enquiries for access to a lump sum from an income stream, including notification of the client’s death, and document according to organisational procedures

1.2 Assess the circumstance and type of income stream to determine if it can be commuted, terminated or permits partial withdrawals or, in the case of the death of the client, if a reversionary pension or payment to the client’s estate is available

1.3 Assess whether a client is exercising their rights under the cooling off period

1.4 Determine whether the client is requesting a full or partial withdrawal or commutation from the income stream

2. Complete and action fund documentation

2.1 Record information and send additional information to the client or approved representative to process required action in accordance with organisational procedures

2.2 Process reversionary pension and/or other payments to the client’s estate, in the event of the client’s death, on receipt of appropriate documentation and apply claim staking processes where required

2.3 Contact the relevant person to obtain complying benefit payment request where payments are requested to be made to a third party

2.4 Action client request to roll over a lump sum to another superannuation fund in accordance with organisational procedures

2.5 Establish a new reversionary income stream resulting from the termination of a client’s income stream in accordance with organisational procedures

2.6 Follow organisational procedures where a partial withdrawal from an account based pension by the client results in a breach of the minimum and maximum range for the income stream

3. Determine taxable component of terminated income stream

3.1 Establish the client’s age to determine whether tax is payable where the lump sum is a full or part withdrawal or commutation paid to the client

3.2 Use Australian Tax Office (ATO) guidelines to confirm dependency status and age of beneficiaries or estate recipients where a lump sum is payable

3.3 Follow organisational procedures regarding payment of a tax anti-detriment adjustment where a lump sum is payable to beneficiaries or the estate

3.4 Calculate appropriate tax component according to legislative requirements and record in appropriate system in line with organisational procedures

3.5 Prepare documents and forward to appropriate personnel for checking in line with organisational procedures

4. Forward information and payments to appropriate parties

4.1 Determine entitlements within authority levels and obtain sign off

4.2 Send information, depending on payment type, to the client, their nominated rollover fund, beneficiary or client’s legal representative according to organisational and legislative requirements

4.3 Communicate with clients, beneficiaries and client’s legal representative according to organisational procedures

4.4 File copies of documents correctly and in a timely manner

5. Respond to enquiries from clients and other persons entitled to make an enquiry

5.1 Determine identity and authority of person making enquiry in respect of a client’s income stream

5.2 Treat enquiries from clients and other parties professionally and provide required information according to organisational and legislative requirements

5.3 Refer complex enquiries to appropriate personnel

6. Follow quality assurance procedures

6.1 Follow organisational procedures to ensure all work is completed accurately

6.2 Comply with regulations and legislation determining payment of a lump sum from an income stream

6.3 Implement system and process checks and identify any irregularities

6.4 Correct any irregularities or communicate to appropriate personnel

Skill

Performance

Criteria

Description

Reading

1.1-1.4, 3.1, 3.2, 3.3, 5.1

Interprets written and numerical information from a range of sources and identifies relevant information to complete work activities

Writing

1.1, 2.1-2.6, 3.4, 3.5, 4.2, 4.3, 5.2

Accurately records and completes organisational documents and correspondence using correct terminology, grammar and spelling to ensure clarity and readability

Prepares and structures documentation logically and concisely according to organisational formats and correct procedures and protocols

Oral Communication

1.1, 2.3, 4.3, 5.1, 5.2

Uses language and concepts appropriate to audience and purpose to convey and clarify information

Uses questioning and active listening in verbal exchanges to determine and confirm requirements

Numeracy

2.2, 2.4-2.6, 3.3, 3.4, 4.1

Uses mathematical operations to perform calculations and check accuracy of financial information relating to work activities

Navigate the world of work

1.3, 2.1, 2.4-2.6, 3.2-3.5, 4.1-4.3, 6.1-6.4

Recognises and follows explicit and implicit protocols and legislative and ethical requirements and meets expectations associated with own role

Interact with others

1.1, 2.3, 3.5, 5.1-5.3

Selects and uses the appropriate conventions and protocols when communicating in a range of familiar work contexts

Get the work done

1.1-1.4, 2.1-2.6, 3.1-3.5, 4.1-4.4, 5.3, 6.4

Plans, sequences and prioritises tasks to achieve organisational requirements

Uses formal decision-making processes and guidelines to resolve routine and non-routine issues and irregularities

Uses the main features and functions of digital tools and systems to access and manage information required to complete work tasks and to communicate with others